• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Oil prices rise 2% after US, Britain strike Houthi targets

2 years ago
in Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
71
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Oil prices rise 2% after US, Britain strike Houthi targets

Oil prices rose 2% on Friday as the United States and Britain carried out air and sea strikes on Houthi military targets in Yemen in response to attacks by the Iran-backed group on shipping in the Red Sea.

The attack added to market concerns about the potential impact a broader conflict in the Middle East would have on oil supplies from the region, especially those moving through the critical Straits of Hormuz.

“If a large part of Strait of Hormuz flows were to be halted, it would present up to three times the impact of the 1970’s oil price shocks and over double the impact of the Ukraine war on gas markets, atop already fragile supply chains and stock levels,” Saul Kavonic, an energy analyst at MST Marquee, said.

Brent crude futures were up US$1.52, or 2%, at US$78.93 a barrel, while U.S. West Texas Intermediate crude futures were US$1.43 firmer, also up 2%, at US$73.45, at 0728 GMT.

The benchmarks rose nearly 1% on Thursday, pointing to a second straight weekly rise.

The U.S. and British strikes are one of the most dramatic demonstrations to date of the widening of the Israel-Hamas war since it erupted in October. Witnesses in Yemen confirmed explosions throughout the country.

RelatedPosts

Gold Price Hits Record High as Investors Seek Safety

Nigeria: Forex Traders Say Chinese Traders Now Collecting Naira Instead of Dollars

Chinese Firm Faces $420 Million Zambia Mine Spill Damages Claims

U.S. President Joe Biden said the “targeted strikes” were a clear message that the United States and its partners will not tolerate attacks on its personnel or “allow hostile actors to imperil freedom of navigation”.

A Houthis spokesperson said the group would continue to target shipping heading towards Israel.

The Houthi attacks in the Red Sea have disrupted international commerce on the key route between Europe and Asia, which accounts for about 15% of the world’s shipping traffic.

Since October, Houthis have attacked commercial vessels in the Red Sea to show support for Palestinian militant group Hamas in its fight against Israel.

Shipping giant Maersk and others are diverting vessels away from the Red Sea, warning customers of further disruptions.

The U.S.-led attacks also closely follow Iran’s seizure on Thursday of a tanker with Iraqi crude destined for Turkey in retaliation for the confiscation last year of the same vessel and its oil by the United States. The White House has condemned the seizure.

The Houthi attacks have been concentrated on the Bab al-Mandab Strait to the southwest of the Arabian Peninsula. Iran’s seizure was closer to the Strait of Hormuz between Oman and Iran, which analysts say is a major concern.

“The Gulf of Oman is very near the Strait of Hormuz, a critical chokepoint for oil flows.

More than 20 million barrels/day of oil moves through the Strait of Hormuz, which is equivalent to around 20% of global consumption,” ING analysts said in a note.

Tags: Britain strike Houthi targetsoil pricesOil prices rise 2% after US
No Result
View All Result

Highlights

60% of Africans Don’t Believe Democracy is Working in Their Interests – How Parliaments Can Fix The Problem

Banking Sector the Most Robust and Advanced Sector in Fight Against Money Laundering – Report

West Africa: Ghana Flagged as Target for Illicit Financial Flows in Latest National Risk Assessment

Central Bank Raises GH¢2.34bn in Short-Term Bill Sale at Nearly 25% Yield

Summer 2025 Transfer Window: Record-Breaking Moves Reshape European Football

Chamber of Mines Cautions Government Against Halving Mining Lease Tenure

Trending

Business

Gold Price Hits Record High as Investors Seek Safety

September 2, 2025

Gold Price Hits Record High as Investors Seek Safety The price of gold has hit a record...

Nigeria: Forex Traders Say Chinese Traders Now Collecting Naira Instead of Dollars

September 2, 2025

Chinese Firm Faces $420 Million Zambia Mine Spill Damages Claims

September 2, 2025

60% of Africans Don’t Believe Democracy is Working in Their Interests – How Parliaments Can Fix The Problem

September 2, 2025

Banking Sector the Most Robust and Advanced Sector in Fight Against Money Laundering – Report

September 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.